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Closely held trusts

Published on 13 Jul 99 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

From 4.00pm 13 August 1998 a closely held trust that makes a distribution to another trust, must in many cases identify the beneficiaries who will ultimately be entitled to any taxable or tax-preferred distributions. Where the ultimate beneficiaries are not correctly identified within the specified period a penalty is imposed. The ATO considers the new rules are 'conceptually manageable'. The author is not so sure that the new rules are commercially or practically manageable.

Author profile:

Joe LOMBARDO
Joe is a KPMG Tax Partner who has extensive experience advising on debt forgiveness and similar transactions. Joe is a member of the NSW State Council and Education Committee for the Taxation Institute.
Current at 10 September 2004
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This was presented at Taxation of Trusts - The Nightmare Continues.

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Closely held Trusts

Author(s):  Joe LOMBARDO

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Statement of principles - Resettlements

Author(s):  Geoff LLOYD

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